The developer’s role in unleashing mapping potential

As a developer, creating an indoor mapping solution for your clients can empower their businesses. For example, it can help visitors find their way into and through a building, aid asset management by keeping track of equipment, or help workers find the plumbing and electrical lines easily.

Design with the user in mind

Before creating a digital indoor map, it is important to understand what you want to accomplish. Your goal may be to create an efficient floor plan with information to help users find their destination. For this, a developer would need an understanding of floor plans and indoor mapping standards.

Know what information you want to add, and visualize the application through the eyes of the user.

• Ensure the layout is simple: Your user may not be familiar with the layout of the establishment they are visiting. Make it easy for them to understand the indoor map. They need to know where they are and where they are going.
• Use easily identifiable symbols: If you use symbols on the map, you need to add a legend and key so that users can quickly establish where they are and where they are going.
• Use simple fonts: The font should be large enough to read easily. It should also be very clear. Fancy fonts may not be easy to read.
• Use responsive design principles: Ensure that a user can access the mapping application on any type of device. This could include anything from a display stand to a mobile device.  

Cater to specific needs

Every industry is different, so each client will have different requirements. If you are developing an indoor mapping solution for a shopping mall or a hotel, they would have different requirements. 

A shopping mall would need information such as banking, types of shops, dining outlets and types of dining, bathroom facilities, escalators, parking areas, and emergency exits. A hotel may want to display information such as room availability or directions to the pool and dining areas. Both, though, may want to use real-time updates. Each would need the indoor map tailored to their needs.

Essential features for an effective indoor mapping solution

To be truly effective, an indoor mapping solution needs to be immersive and interactive. This means that there need to be real-time updates, and everything needs to be clearly marked. 

There should be seamless zoom functionality with extra information. This functionality should work seamlessly, and it should be easy to toggle between the zoom function and normal view. 

To illustrate, if a user was in a mall looking for places to eat, they would find the food court on the map. When they zoom in on the food court, perhaps there is more information, like the type of cuisine served. If they click on a specific name, a contact number and operating hours are displayed. 

A good routing system to direct the user to their destination is also essential. Adding in reference points that act like landmarks is a good idea too. This will give the user a good indication of where they are.

Accessibility features such as keyboard navigation and voice prompts should be considered to ensure everyone can use the app.

Another feature could be making the center of the map the user’s position. This could help them orient themselves better.

Image: https://www.pexels.com/photo/crop-estate-agent-working-with-computer-in-office-4491459/

Technical expertise for developers

Creating an indoor mapping solution requires a diverse skill set. Backend developers should know programming languages like JavaScript and Python. For the user interface, you may need to know HTML, CSS, React, or Vue.js. You should also have some knowledge of indoor mapping and some experience with GIS (Geographic Information System) software. 

When creating an indoor mapping app solution, it is important for a developer to understand floor plans and important features such as amenities and points of interest.

It is equally important that there is Wi-Fi with a strong signal or Bluetooth beacons (which are more accurate) for precise positioning on a routing system. LiDaR (light detection and ranging) is another technology that can be used to determine positioning.

A lot of data is required to develop an indoor mapping solution. It would be wise to store the information in a database in the cloud. This could also help make the application more lightweight and less data-intensive.

If you have experience with 3D modeling or augmented reality technologies, you may be able to use your expertise when creating a digital map.

Making it easy for developers

The process of creating an indoor mapping solution for your client may seem tedious, but there are toolkits available to simplify and streamline the process. You can use these toolkits to create indoor maps, and you can focus on development, design, testing, and implementing your client’s new indoor mapping solution.

Final thoughts

Indoor mapping solutions have changed how we navigate indoor spaces. These solutions work for any industry that uses a large space, like office blocks, factories, airports, hotels, or shopping malls. As a developer, you have an opportunity to shape the future of digital mapping. So use a toolkit that is highly secure, scalable, and affordable and that helps you create the indoor mapping solution you need.

The post Unveiling the Power of Indoor Mapping Solutions appeared first on Tech Web Space.

Instant Customer Support –

Chatbots provide instant customer support by offering 24/7 availability and immediate responses to customer queries. Unlike human agents, chatbots can handle multiple inquiries simultaneously, ensuring prompt and efficient service. With their ability to understand natural language and provide relevant answers, chatbots can address common customer questions and issues without any delay. This instant support enhances the overall customer experience and helps build trust and loyalty.

Automated Order Processing –

With chatbots, you can automate order processing, making the purchasing journey seamless for customers. Chatbots can assist customers in product selection, provide real-time inventory information, and guide them through the checkout process. By automating these tasks, chatbots reduce manual intervention, minimize errors, and ensure a smooth and hassle-free buying experience for customers.

Personalized Recommendations –

Chatbots leverage artificial intelligence and machine learning algorithms to analyze customer data and provide personalized recommendations. By understanding customer preferences and purchase history, chatbots can suggest relevant products or services tailored to each individual. These personalized recommendations not only enhance the customer experience but also increase the chances of cross-selling and upselling, thereby boosting sales and revenue.

Enhanced Lead Generation and Qualification –

Chatbots can play a crucial role in lead generation and qualification for your online business. By engaging website visitors in interactive conversations, chatbots can collect important information such as contact details, preferences, and buying intent. This data can be used to segment leads, nurture prospects, and deliver targeted marketing messages. Chatbots can also qualify leads by asking qualifying questions and identifying high-potential prospects, enabling your sales team to focus their efforts on the most promising leads.

Efficient Customer Feedback Collection –

Feedback is essential for business growth and improvement. Chatbots can efficiently collect customer feedback by engaging customers in conversational surveys or feedback forms. By integrating feedback collection within chatbot interactions, businesses can gather valuable insights into customer satisfaction, identify areas for improvement, and address any issues promptly. This real-time feedback loop allows businesses to make data-driven decisions and enhance their products or services based on customer input.

Automated Task Management –

Chatbots can assist in automating various administrative tasks, freeing up valuable time for you and your team. For example, chatbots can handle appointment scheduling, manage customer inquiries and support tickets, and provide status updates on orders or deliveries. By automating these routine tasks, chatbots help streamline operations, increase productivity, and allow your team to focus on more strategic activities that drive business growth.

Seamless Integration with Existing Systems –

Chatbots can integrate seamlessly with your existing systems, such as customer relationship management (CRM) software, e-commerce platforms, or inventory management systems. This integration enables chatbots to access real-time data and provide accurate information to customers. For instance, a chatbot can retrieve order status from your CRM system or provide product availability from your inventory management system. This integration ensures consistency and reduces manual effort in managing multiple systems.

Continuous Learning and Improvement –

Chatbots can continuously learn and improve their performance through machine learning algorithms. By analyzing customer interactions, chatbots can identify patterns, understand user preferences, and refine their responses over time. This iterative learning process allows chatbots to provide more accurate and context-aware answers, resulting in a better user experience. Regular monitoring and optimization of chatbot performance ensure that they stay up-to-date and align with evolving customer needs.

Conclusion

Chatbots have become an indispensable tool for running online businesses smoothly. Their ability to provide instant customer support, automate processes, deliver personalized experiences, and streamline operations makes them invaluable assets for businesses in the digital age. By leveraging chatbot technology, businesses can enhance customer satisfaction, increase efficiency, and drive growth. Embracing chatbots as a strategic part of your online business can give you a competitive edge, enabling you to provide exceptional service while optimizing your operations for success.

The post How Chatbots Can Help You Run Your Online Business Smoothly appeared first on Tech Web Space.

New-age technology is developing swiftly, allowing business sector transformation to occur more quickly. Newer technologies are being devised every day that will improve everyone’s lives and make them easier and more sophisticated.

Businesses may save expenses, enhance consumer experiences, and increase profitability with the help of such technologies. Plus, they can also have additional opportunities to improve productivity and create new goods thanks to technological advancements.

The same thought always crosses business people’s minds: “Which tech trend is “top” right now to steer a successful business venture?”

In this blog post, we’ll cover the 6 game-changing technical trends that are currently creating a positive impact on business growth.

Let’s get started!

What’s The Need For Businesses To Take Tech Trends So Seriously?

So let’s keep things straight. It’s critical for enterprises, startups, organizations, and financial backers to understand which tech trends are here to stay and which ones will pass into obscurity as we approach the middle of 2023.

Although it is still difficult to foresee how technological trends will develop, business leaders may make better plans for the future by scrutinizing the evolution of contemporary technologies, anticipating how firms might use them, and understanding the variables that impact innovation and acceptance.

But there is no need to worry about that since the following sections will highlight some of the top technological developments that have the potential to dominate business in 2023 and 2024 as well.

Disclosing Top Tech Trends Of 2023

Trend #1: The Web3 Progress

Web 3.0 technologies have recently become more prevalent, yet there may not be a specific definition for it. Open-source software will serve as the basis for Web 3.0 and be utilized to create interconnected platforms.

By combining the Blockchain, Non-fungible tokens (NFTs), and Cryptocurrency technology, users will be able to design their own online environments. As per reliable sources, the global Web3 blockchain market revenue is anticipated to reach an enormous value of USD 23 billion by 2028.

Users have been growing more and more intrigued by Web3 ever since the notion first surfaced. Given the countless advantages consumers can experience, that seems to make sense.

Business Benefits

• Effortless business procedures
• Effective collaboration with workers, customers, and suppliers
• No space for the middleman to interfere in operations
• More transparency in activities connected to sales
• Decreased risk of cyber attacks or hacking against certain companies or enterprises

Trend #2 – Artificial Intelligence (AI) Takes The Center Stage

Since its arrival in real-world applications, particularly in the business sphere, artificial intelligence, aka AI, has been a real game changer. An increasing amount of unique content, including blog posts, graphics, etc., is being produced using AI.

Marketing, design, and other creative industries have all seen a significant impact from this trend. Nonetheless, some people worry that AI may reduce employment opportunities, but that’s a misconception.

To be more exact, it can boost creativity by providing fresh, improved concepts that ultimately boost long-term business productivity.

Business Benefits 

• By automating and improving repetitive procedures and operations, you can save time and money.
• Get rid of human errors as the AI system rectifies and modifies them accurately.
• Improve business productivity and operational efficiencies.
• Cuts down research time and maximizes creative output time.

Trend #3 – Augmented Reality (AR) And Virtual Reality (VR) Integrations

For almost a decade now, the concepts of virtual reality (VR) and augmented reality (AR) have been widely used. These two mega-concepts appear more frequently in both everyday life and business applications.

AR improves the user’s existing environment, whereas VR engages the user in a brand-new environment.

Together with customer support, these two technologies can be used for employee orientation and training. To provide their clients or customers with new, enticing experiences, digital advertisers, brands, and businesses frequently use it.

Business Benefits

• It produces thorough analytics to comprehend user activity.
• Content that is personalized to the needs of the customer
• Bring well-established products to fresh markets and open gates for new audiences.
• For users, this technology generates experiences that are rich, immersive, and engaging.

Trend #4 – The Fastest 5G Network Is Here!

Not simply a future with faster data speeds, but faster business is what 5G is all about. In 2023, businesses will have a chance to begin a significant digital transition.

Since technology has the ability to change how we view the internet, there is no going back.

5G aims to change how we engage virtually by integrating AR, VR, and enhanced cloud-based gaming. On the other hand, 5G will have a huge impact on business.

Business Benefits

• More device capacity, lower latency, and reliable connections, as well as faster data transmission speeds
• Your sales channels may become more effective as a result of the 5G network.
• Enhances the customer experience and generates more business opportunities.

Trend #5 – Promote Your Brand/Business In METAVERSE

What is the so-called “metaverse,” and how can a business owner make the best use of this technology? This is an award-winning question to answer.

The term “metaverse” wasn’t widely known until a few months ago, but now the situation is totally upside down as it has become a topic of conversation in the digital sphere.

A broad and immersive future internet vision is referred to as the “metaverse.” It implies the idea of a digital cosmos that coexists with our physical environment and blends in smoothly.

People can communicate with one another using a variety of platforms in the 3D virtual simulation.

Advertisers will grasp the limitless marketing opportunities of this immersive experience under the reign of Internet 3.0, making it (Metaverse) the one-stop junction for brand recognition and audience engagement.

Business Benefits 

• Community development, increased collaboration, and cooperation online
• Expanded market reach and brand visibility
• Develop novel advertising strategies.
• Gain from the convenience of e-wallets and cryptocurrency for transactions.

Trend #6 –  – The Sustainable And Eco-Friendly “SOLAR TREND”

Can you guess why Solar is included here? To get clarity, continue reading. Carbon emissions are one of the most difficult crises to solve in modern times.

The transition to clean, green energy is taking place because everyone—from regular people to environmental experts—takes these emissions and global warming more seriously.

Utilizing solar lights for homes is now the best way to enter a greener future, but it also presents enormous opportunities for business owners who want to establish solar–powered workplaces that offer additional advantages like cost-effectiveness, dependable lighting throughout the night, easy installation, and so forth.

Business Benefits 

• Solar lights illuminate your pathways, parking lots, and walkways at sundown
• Apart from harnessing solar lights for residences, considering solar lights for commercial spaces is also a viable option as it greatly increases employee productivity and ensures safety
• Save your business from hard-hitting energy bills by investing in LED solar lights
• Creates a good return for your business among investors

Concluding Thoughts 

Businesses must keep up with the most recent trends and advances as technology develops if they want to streamline their processes, improve client experiences, and stay competitive in a market that is changing quickly. You can put yourself in a position for success and future growth by investing in the above-mentioned technological solutions. Good luck with your business!

The post 2023 Trends In Smart Tech Solutions For Your Business appeared first on Tech Web Space.

In this article, we will explore how digital transformation is shaping the future of medicine. We will also look at the benefits of digital transformation in healthcare.  

From telemedicine to AI-powered diagnostics, we will examine the latest trends and innovations transforming healthcare. We will explore their impact on patients, providers, and the industry as a whole. So, buckle up and get ready to discover the exciting ways digital health technologies and digital health startups are revolutionizing healthcare. 

How Digital Transformation is Enabling Better Healthcare?

Digital transformation in healthcare is bringing about significant changes transforming how patients receive care. One of the most significant benefits of digital transformation in healthcare is the increased accessibility of care. Thanks to telehealth and virtual care, patients can now receive medical attention from the comfort of their homes. This has become particularly important during the COVID-19 pandemic, as social distancing measures have made it difficult for patients to visit healthcare facilities physically.

Digital transformation is also improving efficiency and reducing costs in the healthcare industry. For example, automation in administrative tasks such as scheduling appointments and billing has reduced the workload for medical professionals, allowing them to focus more on patient care.

Here are some of the digital transformation trends in the healthcare sector:

Telehealth and Virtual Care

Telehealth and virtual care have become increasingly popular in recent years and for good reasons. Telehealth uses technology to facilitate remote consultations between patients and healthcare providers, making it easier for patients to receive medical attention without visiting a healthcare facility physically. Virtual care, on the other hand, involves using technology to provide healthcare services such as monitoring, consultation, and diagnosis remotely.

The COVID-19 pandemic has accelerated the adoption of telehealth and virtual care, as healthcare facilities have had to limit physical visits to curb the spread of the virus. The use of telehealth and virtual care has also been shown to improve patient outcomes, particularly for patients with chronic conditions who require regular monitoring.

Wearable Technology in Healthcare

Wearable technology has become increasingly popular in recent years, with devices such as fitness trackers, smartwatches, and health monitors becoming more common. These wearable devices are not just for tracking fitness goals; they can also be used to track vital signs, for instance, blood pressure, heart rate, blood glucose levels, and more.

Wearable technology in healthcare has several benefits in implementing digital health solutions. For one, it allows patients to monitor their health without visiting a healthcare facility physically. It also provides medical professionals with real-time data that can be used to provide more accurate diagnoses and better treatment plans. Wearable technology can also provide personalized care, particularly for patients with chronic conditions requiring regular monitoring.

Electronic Health Records (EHRs)

Electronic health records (EHRs) have been around for some time, but their adoption has accelerated in recent years. All thanks to digitalization in healthcare for achieving this. HRs allow medical professionals to access patient data more easily, which can be used to provide more accurate diagnoses and better treatment plans. They also make it easier for medical professionals to collaborate and share patient data.

EHRs also offer several benefits to patients. For one, patients can access their medical records easily, which can be useful when switching healthcare providers or seeking a second opinion. EHRs also allow patients to play a more active role in their healthcare, as they can view their medical records and communicate with their healthcare providers more easily.

Artificial Intelligence and Machine Learning in Healthcare

Artificial intelligence (AI) and machine learning (ML) are useful healthcare software development technologies. AI/ML algorithms can be used to analyze vast amounts of patient data, which can be used to provide more accurate diagnoses and better treatment plans. They can also be used to develop predictive models to identify patients at risk of developing certain conditions.

AI and ML can also improve the efficiency of digital transformation in the healthcare industry by automating administrative tasks such as scheduling appointments, billing, and more. They can also be used to improve drug discovery and development by analyzing vast amounts of data and identifying potential new treatments.

Cybersecurity in Healthcare

As healthcare becomes more digitized, cybersecurity has become an increasingly important issue. Healthcare providers need to ensure that patient data is protected from cyber threats such as hacking and data breaches. Cybersecurity threats in healthcare can have severe consequences, including identity theft, financial loss, and compromised patient care.

An enterprise software development company can help healthcare organizations implement robust cybersecurity measures to protect patient data. These measures can include encryption, secure networks, and regular security audits. Healthcare providers also need to ensure that their employees are trained in cybersecurity best practices to prevent human error.

Conclusion

Digital transformation is revolutionizing healthcare, bringing about significant changes transforming how patients receive care. From telehealth and virtual care to wearable technology and AI-powered diagnostics, digital innovation is improving patient outcomes, streamlining operations, and driving innovation in the healthcare industry. Digital transformation truly helps eliminate multiple challenges of healthcare systems.

A trusted software development company is crucial to maximizing the promise of digital transformation as it continues to alter the future of healthcare. 
Contact BoTree Technologies to enable digital transformation in your healthcare organization.

The post How is Digital Transformation Driving Innovation in the Healthcare Industry? appeared first on Tech Web Space.

AI is reducing manual tasks, and humans are now focusing more on planning and strategy-making.

AI in cloud and mobile platforms will surely change how HR Technology operates today. Seeing the popularity of AI, investments are pouring on to make it more user-friendly and assist in our work.

According to Standard Human Centered AI Index for 2023, R&D investment in AI has reached $92 billion. According to the report there has been a significant increase in demand for AI-skilled professionals in the American industrial sector.

The HR department benefited from ongoing innovation in AI. It automates and does most of the low-value HR tasks, which helps in focusing more on the strategic scope of work.

How the Use of AI can be Implemented in HR Processes?

1. Recruiting New Talent

Hiring the candidate with the required skills and knowledge is very important for the HR department. Talent Acquisition has been standing out as one of the important uses of AI in the field of HR.

AI reduces the time to screen applicants and filters the right candidate required for the company. The talent acquisition team could focus more on personnel management, sourcing, and other productive activities.

2. Providing Better Employee Experience

To increase engagement, improving the employee experience is a necessary task for organizations. Hiring and onboarding new talent is a costly affair for companies.

Companies that focuses on employee engagement tends to see greater profitability. AI can help in this context as well. AI can help companies enable employees to access the necessary information without hassle. It can automate the training of employees; it can design an accurate learning program according to the department.

3. Improving the Workforce Management

AI is used to change the workplace, by evaluating and predicting employee performance. HR leaders can evaluate the performance based on the data and provide precise solutions to improve the employee’s performance.

AI is able to analyze huge amounts of workforce data like forecasting future demand, optimizing workforce allocation, and making data-driven decisions. These decisions include identifying skill loopholes, suggesting transfers, and analyzing their impact on management decisions.

4. Reducing the chance of Human Biases

Humans are naturally biased. No matter how hard we try be completely neutral. These decisions can have negative effects in the workplace. AI in HR Software Development offers a completely unbiased perspective. Those inputs can be used by HR Professionals.

5. Employee Onboarding Process

AI can facilitate the smooth onboarding process of new hires, by providing them with relevant information, and automated administrative tasks. It offers a personalized experience for each employee, as it takes into account individual knowledge and skills, requirements, and preferences.  

What are The Challenges Organization Facing with AI?

While Artificial Intelligence is significantly contributing many benefits to Human Resource Management, it still have some flaws in the system, and HR professionals should be aware of the problems related to it.

1. Security and Data Privacy Concerns

The most prevalent challenge is the security and privacy concerns. People often hesitate to use technologies they don’t have trust in it. Sensitive information like personal numbers, and performance evaluation, can be leaked if it is not compliant with data privacy regulations.

2. Bias in Data

AI has the resource to help in reducing human biases, it is necessary to understand that AI models are trained on historical data. A report published in Forbes has uncovered five different types of ChatGPT biases.  These include sample bias, ignorance bias, programmatic morality bias, and Overton window bias.

3. Technical Challenges

Using AI requires technical expertise, infrastructure knowledge, and data management capabilities. Companies may face challenges in integrating AI systems with existing HR Software applications. AI needs constant upgradation, making it a timely consuming process. The existing software is required to be constantly upgraded at regular intervals to operate successfully.

4. Minimal Human Interaction

AI is reducing manual HR tasks by automating it, resulting in decreased reliance on human involvement. Areas that required empathy and emotional intelligence cannot be replaced by AI. Employees may feel disconnected in the absence of human interaction.

5. Fear of Change

Employees may see the implementation of AI with skepticism and resistance, regarding concerns about job loss or mistrust in technological changes. Strategizing effecting change management and clear communication is necessary to address these concerns.

Final Thoughts

AI comes with its benefits and risks. It depends on the person and how one is utilizing it. Indeed, the use of AI and machine learning in HR Software Development has a deep impact on how the HR department operates. It has freed up low-value tasks, prioritizing strategic and value-added activities.

AI offers a considerable benefit by enhancing the employee experience, which plays a crucial role in promoting engagemen. By leveraging AI, companies can provide employees with easy access to relevant information, personalized learning and development opportunities, and streamlined onboarding processes. These measures not only encourages active engagement but also contribute to increased efficiency and reduced attrition rate.

Organizations will focus more utilizing and using the gains of AI for their growth in the next decade. Businesses should embrace the adoption of new technologies and effectively navigate the inherent challenges that come with them.

One of the significant challenges could be a significant reduction in human interaction and the fear of change associated with it.

The post The Role of AI and Machine Learning in HR Software Development appeared first on Tech Web Space.

Top Manufacturers of Mobile Cobots and Their Developments

The Yaskawa Electric Corporation is a Japanese manufacturer of servos, motion controllers, AC motor drives, switches, and industrial robots. Yaskawa has always provided support to the leading business across the ages by transforming from “a motor manufacturer” and “an automation company” to “a MECHATRONICS company” with the help of its management philosophy and the performance of its business.

In February 2022, Yaskawa launched two new collaborative robots, HC10DTP and HC20DTP, for industrial applications. The HC10DTP and HC20DTP enable humans to work safely with robots. With the launch of collaborative robots, a variety of tasks including assembly, dispensing, machine tending, material handling, packaging, and welding can be executed easily..

KUKA is a German manufacturer of industrial robots and systems for factory automation. It offers different products ranging from robots and cells to fully-automated systems to its customers. This company also provides automation solutions for a wide range of industries such as automotive, aerospace, food and beverage, logistics, electronics, consumer goods, e-commerce/retail, and healthcare.

In August 2022, KUKA launched LBR iisy cobot. With six axes, a 3-kg payload, 600-mm maximum reach, and 18.8-kg overall weight, the LBR iisy is well-suited for overcoming the challenges posed by confined workspaces. This cobot can easily integrate into any manufacturing applications such as pre-defined production processes and increase the efficiency of the workers in the manufacturing processes.

FANUC is the world’s leading supplier of automation for manufacturing including robotics, CNCs and motion control, and ROBOMACHINE machining centres. In March 2022, Fanuc Corporation introduced three new models to its CRX line of collaborative robot arms, CRX-5iA, CRX-20iA/L, and CRX-25iA. The latest additions to its popular CRX series include the CRX-10iA and CRX-10iA/L. CRX cobots are designed for small and large manufacturers to expand their capabilities and overcome labour issues.

Peer Robotics is a collaborative mobile robotics company that develops material-handling solutions for manufacturing industries. This company delivers human-centric and adaptable mobile robots for efficient material movement in warehousing, manufacturing, and assembly lines. In October 2020, Peer Robotics developed a collaborative autonomous robot for warehouse automation and material handling in manufacturing facilities. This robot can seamlessly navigate through complex environments without any change in the existing infrastructure.

Fetch Robotics offers a wide range of warehouse robots to enable automation in manufacturing and warehousing operations. In August 2021, Fetch Robotics partnered with Lucas Systems to develop the next generation of smart warehouses. The partnership helped to optimize the collaboration between warehouse workers and cobots.

Opportunities in Mobile Cobots Industry

The development of the Industry 5.0 is expected to create ample growth opportunities for the mobile cobots industry. Industry 5.0 integrates humans and machines such as cobots to increase overall industrial production efficiency. A shift from robots to cobots is taking place in Industry 5.0 and enabling robots to collaborate with human workers at the centre of the manufacturing process. The introduction of faster, smaller, and more flexible cobots has accelerated the development of Industry 5.0.

Also, new mobile cobots with a payload capacity of up to five times the existing ones are embedded with robotic grippers to perform applications such as packaging, heavy machine tending, and material handling in different industries.

Impact of Mobile Cobots

Mobile cobots are having a significant impact on various industries, including manufacturing, logistics, retail, and healthcare. These cobots are designed to work collaboratively with human workers, allowing a more efficient and productive workflow. By automating repetitive tasks and handling heavy loads, mobile cobots enable workers to focus on higher-level tasks that require human expertise and creativity. Thus, mobile cobots can help improve the overall quality of products and services which is critical in manufacturing industries.

Conclusion

It can be concluded that mobile cobots can change the landscape in various industries by automating several tasks with high efficiency. It also comes with safety features that enable them to work alongside humans. In 2021, the worldwide mobile cobots market size was valued at USD 6 Billion and is expected to grow at an incredible CAGR of 30.7%, according to Next Move Strategy Consulting.

Several companies such as FANUC, KUKA, Yaskawa and others are adopting strategies such as product launches and collaborations to maintain their dominance in the mobile cobots industry. Also, the development of the Industry 5.0 is expected to act as a future driver for the mobile cobots industry.  

The post Top Market Players Dominating the Mobile Cobots Industry appeared first on Tech Web Space.

If the concept of Chat GPT is unfamiliar to you, then this might sound hard to believe. That’s why we will start off by explaining in more detail what Chat GPT is and how you can use it to improve your online business. The 5 great uses of Chat GPT include improving customer support, generating leads, personalising marketing, managing social media and running an e-Commerce website. You will find more information on these in the following paragraphs. 

What is Chat GPT?

Let’s start by explaining what Chat GPT (Generative Pre-trained Transformer) is. It is a chatbot platform that helps businesses automate their customer support and sales processes. Chat GPT is cloud-based to be integrated into various messaging applications such as Facebook Messenger, WhatsApp, and WeChat. It has many features, including chatbot builders, artificial intelligence, analytics and natural language processing. Speed and efficiency are crucial in today’s tech-driven, digital, highly competitive world.

The chatbot platform enables businesses to communicate with their customers in real-time, making it appealing to businesses. It can be used to improve customer support, generate leads, personalise marketing, manage social media and to run an e-Commerce website. 

5 great uses of Chat GPT

Improving customer support

The first significant use of Chat GPT is seen in the opportunity to improve customer support. Perhaps you don’t know how exactly that would work – so allow us to paint a picture for you. To use Chat GPT with the aim of improving your customer support, you can use it to create a chatbot that will be available 24/7 for answering questions and helping out customers. Dealing with customer support in this way cuts your customer service costs and/or reduces the work customer service operators do, allowing them to focus on more critical tasks. 

Generating leads

Another aspect where Chat GPT can be used successfully is generating leads. Even though this might be hard to believe, it is so. How exactly would this work? You could use Chat GPT to create a chatbot to engage with potential customers and gather contact information. For instance, it could give you intel on the shopping habits of people buying baby clothes, sportswear, formal clothing, etc. You can learn all about what type of baby clothes people in Australia usually buy, which would help you sell your quality baby knitwear in Australia. Additionally, the chatbot can decrease your social media engagement time by generating amusing posts with a certain tone and for a specific target audience.  

Personalising marketing

Sending personalised marketing messages is a valuable strategy that can boost your sales, but at the same time, it is also time-consuming. Chat GPT can help you in this aspect too. It can send personalised marketing messages to customers based on your past interactions automatically. Pretty impressive, huh?

Managing social media

Being active on social media and interacting with customers is crucial to building an online presence. However, you also know that doing it correctly requires time and effort. If you manage your social media well, you can achieve a few things, such as increasing the number of daily followers, growing brand reach and building a community. Chat GPT can be used to design a chatbot that helps businesses manage their social media accounts by responding to comments and messages.

Running an e-Commerce website

When it comes to running an e-Commerce website, Chat GPT can be of use here too. In this case, Chat GPT can be used as an alternative to other AI features that you can integrate into your website. You can use it to create chatbots that help customers with online shopping by suggesting products based on their past activity on a website and answering questions for your customers. In that way, you can build a relationship with your audience. 

To sum up, we asked Chat GPT how it can help online businesses, and it said: for customer support, content creation, personalisation, data analysis and language translation. So, there you have it – the 5+ great uses of Chat GPT for online businesses.

The post 5 Great Uses of Chat GPT for an Online Business appeared first on Tech Web Space.

Motion graphic design can help you with this. By the end of 2022, it’s estimated that over 80 per cent of all internet traffic will come from video. That’s an impressive statistic. So, not only do you need to keep up with what’s driving clicks and engagement, but you also need to stand out from the crowd and motion graphic videos can help you do just that. 

What is motion graphic design?

Simply put, motion graphic design is an innovative way to tell a story and it combines a variety of animation, graphics (shapes, images and text) and sounds to create a video that will leave a lasting impression on viewers.

The great thing about motion graphics is that it allows you to showcase complex ideas, and concepts and relay lots of data in a short, simple, visually pleasing video. As a result, it allows you to get your message across in an easy, digestible way – all while keeping your viewer’s attention. 

Why should my small business use motion graphics?

As we’ve already mentioned, by the end of the year it’s estimated that over 80 per cent of internet traffic will come from video – that’s a lot when you consider how big the internet is. Additionally, Forbes estimate that video can help grow business 49% quicker than still content and as a small business owner you want your business to grow and thrive – right?

In addition to driving revenue, motion graphic videos can also help to increase your brand’s awareness, improve engagement and make you stand out from your competitors. 

What type of motion graphics can I use for my small business?

For your motion graphic video to stand out, you must first decide on the objectives you want to achieve and for how long. Before starting, you want to think about:

• Your target audience – how can your product or service solve their problems?
• Your business message – what do you want potential customers to know about your business?
• What do you want your audience to remember
• What business KPIs do you want to achieve? Do you want more sales or more clicks to your website?

Once you have thought about the above, it’s time to start thinking about the type of video you want to create. Let’s have a look at some of the types of videos you can utilise in your marketing campaign.

Product Explainer Video 

Product explainer videos give your small business the opportunity to explain what your business, product, or service does in an engaging and digestible way. They can be used on your social media channels and on your website and offer you the perfect way to answer many of your customer’s queries in a minute. 

In addition to answering your customer’s questions, videos on your social media platforms also generate more engagement than any other content type. One study showed that when you add video to Twitter posts, you can increase your engagement by 10x. 

Customer Testimonial Video

Small business marketing is more than creating visually pleasing digital marketing material. It has now evolved to evoke an emotional connection between brands and their consumers and one great way of doing this is by creating customer testimonial videos.

Customer testimonial videos help you to foster positive, trustful and credible relationships with potential customers during the purchasing journey. When a customer willingly leaves a glowing review about your product or service, the more credible it is and the more likely someone will make a purchase from you. 

Company story video

Storytelling has always been one of the best ways to capture your customer’s attention and win their hearts as it allows you to set your business apart from the rest. By effectively telling the story of your brand in a fun, light-hearted and engaging way, you can evoke a sense of emotion in your consumers, and this will make them want to make a purchase from you. 

Animated Social Media Ads

When done carefully, animated social media ads can be the key to your success as they help to capture your viewer’s attention through a series of graphics and voiceovers. This is incredibly important as humans have a short attention span of 8 seconds to be captivated by your content. 

Should my business use motion graphic design?

While live-action videos are all well and good, cutting-edge animation videos can really help to improve your goals across the board, from sales conversions and increased web traffic to brand awareness and business growth. 

When you use motion graphic videos for your marketing, you can showcase your brand to a wide audience and become a leader in your field. If you’re thinking about creating motion graphic videos for your next marketing campaign, speaking to a motion graphics agency is always a good choice. 

The post The Benefits of Utilising Motion Graphic Design for Your Small Business appeared first on Tech Web Space.

To help streamline the process and make it more efficient, many organizations are adopting an applicant tracking system. If you plan to do the same for your organization, this blog will help you with tips to improve the hiring process.

The hiring process can be intimidating and daunting, especially when it is your first time. You can’t afford to make mistakes when you’re a small company. Hiring the right person can help your company in infinite ways.

This is why you need the top applicant tracking systems for your company. An applicant tracking system or candidate tracking system will help you find suitable candidates, manage the hiring process, and make hiring easier for your company. Here are some crucial tips to improve the hiring process with an applicant tracking system.

Top 8 Tips To Improve The Hiring Process With An ATS Tracking System

Hiring is challenging, and it seems that the most qualified candidates are not always easy to find. Talent acquisition is a job in itself, and the process must be as efficient as possible. It’s time to turn to a professional applicant tracking system and start working more effectively.

Here are the most crucial tips to improve the hiring process by incorporating top applicant tracking systems into your recruitment strategy:

1. Improves Communication and Review

It might be challenging to schedule meetings, evaluate candidates, and review applications when the hiring process needs to be updated. Finding a suitable time for everyone to participate in the recruiting process is incredibly challenging due to everyone’s busy schedules.

However, teams can connect and communicate using an ATS tracking system. An applicant tracking system enables all teams to post comments, add notes, ask questions, and rate candidates; task organization, scheduling, and prospect evaluation are made much more straightforward because each employee participates in group decision-making.

Additionally, this drastically cuts down on the time needed to schedule meetings and interview candidates.

2. Post Jobs on Social Media Platforms

This is one of the most vital tips to improve the hiring process. Social media plays a major role in hiring good employees due to recent trends. According to a study by the Aberdeen Group, millennials are driving this trend in hiring: 73% of job seekers in the 18–34 age range discovered their most recent position via social media.

In addition to developing a compelling employer brand on social media, you must design your job postings with social media and mobile accessibility in mind.

You cannot afford to overlook 70% of available candidates in today’s competitive job market. An ATS tracking system can save your life in situations like that. By offering mobile-friendly job postings and one-click sharing to all top social media platforms, the top applicant tracking systems can enhance your hiring process and ensure you get all the mobile candidates again.

3. Improves the Experience For Prospects

In a similar way that you choose candidates, they choose you. Therefore, applicant experience is essential and one of the most overlooked tips to improve the hiring process if you want to draw in and hire top talent.

Unquestionably, a bad applicant experience causes more offers to be rejected and negative word-of-mouth. Prospects will have a quick and straightforward experience that meets their expectations because an ATS tracking system automates and enhances the hiring process from beginning to end.

This system makes it easy for candidates to apply for jobs, giving them the impression that your company is quick, creative, and modern.

4. Find the Right Talent Quickly and Effectively

It should go without saying that reviewing hundreds of resumes can occasionally be exhausting. Finding the perfect match is like looking for a needle in a haystack. Fortunately, an ATS tracking system removes the guesswork from hiring and helps you find the ideal employees by cutting out unnecessary steps.

• Automatically matching candidates’ qualifications and experience with the job description will aid in your search for the best candidates.
• Secondly, by giving you information about a candidate’s work history, an ATS can assist you in understanding why they are not a good fit for your business.
• Thirdly, you can use an interview video recording tool, the top applicant tracking systems provided, to measure how well your candidates performed during the interview.

5. Make Conversion-Focused Career Pages

A branded career page is essential for luring top talent, but more than having a top-notch product or service is needed; you also need to market it effectively. You can accomplish this by presenting yourself as an employer who values its workers and is aware of their needs in the workplace by using a branded career page. You need to understand this as one of the best tips to improve the hiring process that you’ll implement.

By automatically updating your website with details about your business and its culture, including images and videos from your office, the best candidate tracking systems enable you to create branded career pages that convert.

Candidates are more likely to apply for open positions. They are less likely to discontinue the application process after using it when they better understand what it’s like to work at your company and whether or not they would fit in there.

6. Less Cumbersome Hiring Process

One of the most vital resources in any company’s hiring toolbox is the tips to improve the hiring process through an applicant tracking system. They aid in filtering out unqualified candidates, streamlining it, increasing its effectiveness, and raising the calibre of new hires.

According to the Harvard Business Review, organizations that don’t use a candidate tracking system could end up shelling out more than $10,000 per hire in lost productivity. So you don’t want to miss out on these tips to improve the hiring process and reduce your hiring expenses.

7. Note Down Interview Points Effectively

It’s common to emphasize speed when discussing finding the best candidates and designing the best hiring process. The best candidates are typically hired first, so hiring late means you’ll need to implement these tips to improve your organization’s hiring process. This is true for posting, reviewing applications, conducting interviews, and receiving offers.

Nevertheless, even though that is the case, it is equally crucial that your hiring procedure be cautious, considerate, and fair. You can accomplish these objectives with top applicant tracking systems available in the market.

Everyone involved in the hiring process can find out about new candidates and prepare for their upcoming interviews with a candidate tracking system that includes both internal and external communication.

This makes it easier for team members to agree on standardized test questions that will evaluate candidates more reasonably and on more focused study areas for examining individual applications.

When an interview is over, participants can frequently use the candidate tracking system to record their notes so that hiring managers can compare them. This not only makes feedback-giving and collaboration much more straightforward, but it also helps to guarantee that your company is employing fair hiring practices.

In these situations, when you employ tips to improve the hiring process, the top applicant tracking systems can be a helpful tool for demonstrating your organization’s ethical hiring decisions if necessary because they give you a record of the entire process.

8. Auto-Generate Offer Letters

A final benefit of an ATS is that it aids in bringing your ideal candidates to the conclusion of the process. According to one study, 49% of job candidates who declined an offer did so because they had already accepted one elsewhere.

You can’t afford to lose the right candidate after spending days, weeks, or even months searching for them. Instead, you must engage these tips to improve the hiring process and increase the chances of recruiting qualified candidates.

Automating your offer letters gives HR and recruiters more time to concentrate on the candidate experience. Just think about how problematic it might be for candidates to maintain consistent communication with their recruiter through the final interview before experiencing radio silence.

Due to your busyness with the offer letter preparation, you may have yet to notice this void in your hiring procedure. Even if they don’t have a competing offer, your ideal candidate might start to second guess their decision to join your company if a bid is slow.

The worst possible way to begin the onboarding process is by sowing doubt. The hiring process is seamless from the initial application to the accepted offer thanks to these tips to improve the hiring process through automated offer letters using an ATS.

Conclusion

Implementing candidate tracking systems will play a significant role in your success in this digital age. If you misuse these apps, your recruiting levels will probably fall off. Top talent can be attracted to, interviewed for, and hired by your company with the above tips to improve the hiring process through an effective applicant tracking system.

It should also have features that will make hiring team members more productive and efficient by reducing the time and effort required. Additionally, tracking and keeping an eye on employee performance reviews, diversity objectives, attendance, training, and corporate policies will be more straightforward.

Hence, when you exercise these tips to improve the hiring process, these applicant tracking systems have a promising future as time goes on. Employers now have more channels than ever to connect with and engage with candidates and are constantly looking for better and more efficient ways to take charge of the hiring process. ATS fills this need, aids in luring in the best talent, and will remain well-liked in the coming years.

Frequently Asked Questions (FAQs)

Q1) What is an ATS Tracking System?

Companies can organise and track candidates using an applicant tracking system for hiring and recruitment purposes. These systems enable businesses to gather data, classify prospects according to experience and skill level, and screen applicants.

Over 90% of Fortune 500 businesses already employ an ATS. The top applicant tracking systems can monitor all communications with candidates, despite the fact that these systems are great at storing candidate data.

This reduces time-to-fill and guarantees that businesses get the best candidates for the position by making it simple to search and filter resumes and other candidate information.

Q2) How Do ATS and CRM work?

The recruitment and hiring process can be automated, organized, and optimized with the aid of candidate relationship management (CRM) and applicant tracking system (ATS) software, but getting the most out of each of these tools requires understanding how, when, and why to incorporate it into a talent acquisition strategy.

Q3) Why Do Businesses Need An ATS?

The hiring process has become increasingly challenging to manage in recent years. The candidate pool has expanded, and now the hiring manager has to wade through more resumes and cover letters than ever.

On top of that, there are more and more laws governing how hiring managers must handle the process and how they must treat candidates. With all of these responsibilities, it is no wonder that many organizations have decided to implement an applicant tracking system.

With the help of the best applicant tracking system, staffing levels can be improved, and employers can find the best candidates for the job. Hiring is a process that can be made easier with the help of the best applicant tracking system software.

The recruiting software will help to reduce your workload by streamlining the hiring process and organizing all of the hiring manager’s tasks.

The post Tips To Improve The Hiring Process With Applicant Tracking System appeared first on Tech Web Space.

All these, consume a lot of time and effort leaving not much bandwidth for what CFO’s actually be doing, like:

• Collaborating with the business lines
• Analysis
• Offering crucial cross-functional insights

All in all, being a Chief Financial Officer means knowing much more than just advanced knowledge of Finance and Accounting concepts. Indeed, it means understanding how an entire company and the industry works and how you can make that company more profitable and competitive.

Thus, it’s right to say, “CFO’s wear multiple hats.” 

Furthermore, overseeing the financial activities of an entire company, the CFO acts as a catalyst instilling a financial mindset throughout the company.

In a nutshell, financial automation not just makes the closing book easier, also it accelerates the process far more frequently, which in return offers a real-time view of the company scenario.  To add, RPA allows CFO’s and financial advisors to evolve according to the market flux, becoming the forerunners that constantly assist along a growth-oriented path.

Let’s have a look at the handful of benefits RPA offers CFO and related departments and evaluate where it would fit into your own enterprise.

Unlocking The Benefits of Finance Automation for CFOs

Undoubtedly, the rush to automation is warranted. Financial automation especially allows teams to reach efficiencies that are a little difficult to comprehend today.

And, being a CFO or a financial advisor, you should encourage and maximize these changes – not only for investors or the company’s long-term success but also for better utilizing resources.

After all, Bill Cline (KPMG Advisory Principal) once said –

So, let’s unlock the benefits!

Enhanced Productivity and Minimized Operational Costs  

RPA’s core objective is to automate voluminous, repetitive, and manual low-value work.

So, integrating RPA streamlines business operations and returns hours to the business and enables employees to focus on more prioritized projects. Freeing up resources also lets them focus on high-priority tasks that are often tabled because employees are only occupied with keeping up with the volume of manual work.

Moreover, one of the main arguments that favour automation in finance is reduced operational costs that directly relate to an organization’s pricing. This means more available cash flow for innovation and high-value activities.

According to a Deloitte survey, RPA leads to:

• 92% improvement in compliance
• 90% improved quality
• 86% maximized productivity
• 59% cost reduction

when integrated correctly, RPA can result in 25-80% of savings on current operating costs. For example, KPMG stated that RPA could save up to 75% for financial service companies.

Nearly Zero Operational Risks

“Push Your Team To excel, Not Excel!” 

• Do you still certify an Excel workbook as a system of record?
• Does your F&A team specialize in complicated formulas and macros?
• Or are you at the brink of a key-man dependency because someone on the team built a complex formula-powered, cross-referencing data of an Excel spreadsheet?

RPA is a one-stop solution to eliminate End User Tools and the red flags of corrupted Excel files. Also, RPA ensures that the same steps are completed the same way, which eliminates the risk of not refreshing or retrieving up-to-date results.

Simply put, RPA processed data will be consistent, standard, auditable, and documented.

Addressing Workflow Inefficiencies & Bottlenecks

Many aspects of accounting and finance are repetitive but crucial for accessing and analyzing an organization’s financial health. For example, auditing, transaction matching and reconciliation are some processes that require employees to prepare and approve, making the complete financial process susceptible to inefficiencies and bottlenecks.

And as a CFO, the core focus is on the timely delivery of precise financials to stakeholders. Still, bottlenecks can result in missed deadlines, further extending the completion of the financial closure period.

Efficiently identifying bottlenecks and delegating tasks through Robotic Process Automation allows CFOs to accelerate the financial process and meet delivery deadlines.

Maximized Control Over Risk and Economic Volatility 

Undoubtedly, it has never been more crucial for CFOs and financial advisors to have the predictive technology and tools in the right place to deliver a strategic and informed approach to risk management.

In Particular, order-to-cash automation solutions can help achieve this. By allowing clarity over customers’ behaviors and historical data and by providing predictive algorithms that identify opportunity and risk, they secure it against an array of scenarios, for instance, downturn and upturn in market conditions, changes in customers’ business, etc.

As a result, CFOs can predict how to optimize potential revenue amidst minimizing bad debt risk.

Source

Generate More Actionable Insights 

Minimizing errors and creating actionable insights from collected data are other unskippable benefit of finance automation.

According to Accounting Today, 41% of errors in finance and accounting originate from humans. In addition, 28% of companies can’t identify the mistake but report the wrong numbers, whereas big organizations spend, on average, ten days per month finding and fixing errors.

But, in the era of finance automation, these are bygones.

RPA, especially amalgamated with Artificial Intelligence, has surpassed human precision, reaching up to 99% accuracy. That path leads to fewer errors, equaling to less time spent resolving errors and avoiding duplicate payments.

Source

Optimizing KPI’s Indicator 

Often, companies do not have any metric to support where employees spend their time, volume, and effort. But, with RPA, organizations can delve into the details of how teams are using their time.

Usually, there are a lot of inefficiencies in manual business processes, so using the extracted information to reengineer the process for automation ensures the processes run more efficiently and effectively.

Furthermore, RPA allows tracking processes for volume counts, exceptions, processing costs, and average processing time.

Remember, isolating and analyzing exceptions further improve process inefficiencies, but it requires added-on metrics to understand how well the process is being executed. 

In a nutshell, the value of robotic process automation in finance is exclusive.

Though it may seem obvious for CFOs to unlock the value of finance automation, it’s high time to shed light on the use cases that make it an ideal choice. After all, a good RPA solution automates the most time-consuming, repetitive, and manual procedures and improves financial processes to uncover new sources of business value.

So, if you are still debating whether to employ RPA, here’s the answer!

Popular Use Cases of Finance Automation CFO’s Shouldn’t Miss 

Let’s have a look!

Accounts Receivable and Payable

Account receivable is keeping track of outstanding invoices and entering data to get paid, including time-consuming tasks. Besides, to be precise, account payable is money owned by the business to suppliers and is another equally crucial finance function that includes numerous steps.

So, it makes managing “accounts receivable” and “account payable” among the most crucial finance functions because it eliminates undesirable cash gaps. In addition, it’s beneficial to understand Days Sales Outstanding (DSO), which is the time taken to get paid.

With RPA, it becomes a lot easy to prepare invoices, manage status, and hasten the speed of payment because you eliminate the risk of skipping anything. And furthermore, invoices are directed to the relevant person for approval, minimizing CFO’s work.

Financial Planning and Analysis 

Financial Planning and Analysis, popularly known as FP&A, comes under the umbrella of the CFO’s priority domain. After all, projecting short- and long-term financial strategy needs a lot of prep work and research.

This is a crucial aspect where a CFO demonstrates their worth.

And, not to forget, much time is consumed by sourcing, aggregating, and formatting data rather than strategically analyzing and planning. As a result, RPA once again eliminates several data entries to free up time for better forecasting and decision-making.

Forecasting becomes more precise and reliable, helping FP&A teams make more informed business decisions for the company.

Client On-Boarding

Client onboarding in the financial service sector is a time and effort-consuming process; the standards require a thorough check, known as “Know Your Customer”.

This usually takes up the complete team’s time as they comb through internal and external data sources to identify any information that could be a potential risk to your business. On the contrary, integrating Robotic Process Automation pulls information from several sources, validates it with the present data on file, and presents a report to compliance managers to check whether the client is at risk or safe.

Account Reconciliations

One of the most prominent use cases of RPA for finance is “Account Reconciliation” and “Intercompany Reconciliation.”

This process occurs at regular intervals, whether daily, weekly, monthly, quarterly, or yearly. Regardless of what type of reconciliation is conducted, it needs precise attention to detailing and data collection.

With RPA, data is easily and precisely processed to determine whether there are any discrepancies between internal ledgers and external documentation, minimizing CFOs and finance team efforts.

Software bots notify the finance team if reconciliation must be performed.

Financial Reporting 

Financial reporting is a part of finance and accounting that finance ERP systems usually take care of.

Finance automation does not replace this tool; instead, it complements it by eliminating the remaining manual processes like journal entries and external reporting. Even the precise financial automation solution helps streamline the financial process from initiation to completion, allowing teams to pace up workflow and remove the need for manual data entry.

To put it all, financial automation is not merely another IT project. Instead, it should be a standard feature in any company’s business transformation plan or digital strategy.

Furthermore, market estimation supports the fact that finance executives and CFOs are more curious to automate their processes. Especially in the case of Finance and Accounting outsourcing, 47% of the CFOs belonging to the buying organizations consider automation competencies a crucial capability.

Here’s A CFO’S View on the Future of Financial Automation

Today’s Chief Financial Officers (CFOs) is experiencing more and more how the automation world and process mining are becoming intertwined. Simultaneously, they are equally interested in how the amalgam of these two technologies will work to accelerate the improvement of several finance processes and accomplish higher ROI for their RPA investments.

Considering this, Gartner recently presented the results of their December 2021 CFO survey, shedding light on some very interesting insights:

• A whopping 80% of finance leaders agree that finance must accelerate its integration of digital technology, like Robotic Process Automation and Artificial Intelligence to efficiently support the business by 2025.
• Among several process automation and optimization technologies in financial automation, only three are expected to witness an increase in investments in the next two years – RPA, Reporting Automation, and Process Mining.
• RPA curates as the technology most often cited by CFOs in supporting their hyperautomation core values. So, when deploying RPA, CFOs foresee investment in process mining as a key to unlocking returns.

Source

Finally, How To Automate Financial Processes? 

Once you establish an automation solution, it should run smoothly, right?

But, before adding a new solution to your tool stack, you need to do some homework. The main steps to transform your manual financial processes to automatic start from:

Defining Your Processes

“Outlining your processes” is the first and foremost step. Having a visual representation of your processes clarifies where inefficiencies and bottlenecks happen. And also review what aspects of the process can be automated.

Building the Workflow Digitally

Next comes building the workflow. Here, resources are assigned for each task. Besides, in some scenarios, it’s possible to eliminate any steps that don’t directly contribute to the intended outcome.

Test The Process & Deploy The Automation Solution

If everything goes as planned, you can establish the financial automation solution across your processes and organization.

But, communicate with your workforce what they will be responsible for and how the automation solution will help them achieve their goals faster and easier.

In A Nutshell… 

Automation, especially RPA, is cementing its footsteps to be a significant asset for CFOs.

Aside from cost reduction, RPA in finance should be considered as the next big leap for business process efficiency, improving relationships with service providers, motivating a digital audit,  and building the opportunity for a finance team that is engaged in strategic functions and decisions of the organization.

Besides donning multiple hats, the CFO continues to keep an eye on cost control, as well as address evolving market requirements with the help of a trusted RPA consultancy firm like Signity. And to retain a competitive edge, the CFO should adapt to changes in the market, and RPA is undoubtedly one of the strong levers to uphold efficiencies in the workplace today.

This Post is originally posted at Signity Solutions as A CFO’s Guide to Financial Automation – Benefits, Use-Cases & Impacts

Thanks, Techwebspace for allowing me to post this article.

The post CFO’s Guide to Financial Automation – Benefits, Use-Cases & Impacts appeared first on Tech Web Space.